Coinbase, the world’s largest cryptocurrency exchange and wallet provider, is opening an office in Dublin, Ireland, to help deal with the potential Brexit fallout.
Coinbase is expanding its European presence by opening a new office in Dublin. We look forward to tapping into the city's diverse talent pool and contributing to its burgeoning crypto economy. https://t.co/Hn5fLplJs1
— Coinbase (@coinbase) October 15, 2018
The office in Dublin is a part of contingency plan to continue selling services in EU countries even after Brexit.
Zeeshan Feroz, the CEO of Coinbase U.K., believes that the development reflects the company’s growing presence in Europe, and the expansion to Ireland’s capital is about “looking for ways to better service customers.” He said:
“When considering the location of our second European office, Dublin was the clear choice – it’s an English-speaking EU member state that boasts a diverse talent pool, entrepreneurial spirit, and long-standing support for technological innovation.”
Feroz further added:
“It is also a plan B for Brexit. As we plan for all eventualities, it’s important that we continue servicing our customers across Europe, and Ireland would be our preferred choice there if it comes to it.”
According to the exchange, Its non-U.S. headquarters will remain in London:
“The Dublin team will compliment Coinbase operations in London and host a variety of new business-related functions, including roles for which we’re hiring right now.”
As for the number of jobs in a new office, is is unknown, but Coinbase promised to place the jobs in the careers section on their website.
Dublin to Welcome Crypto Companies
While many European financial cities remain on the fence when it comes to regulating the digital-currency market, Ireland’s capital is quite friendly to cryptos. In May, the country’s revenue commissioners issued tax guidelines on crypto transactions with the view to clear up queries that businesses and individuals had.
The UK’s exit from the European Union (EU) has already had a measurable effect on London’s established financial services industry but it is now weighing on the country’s burgeoning bitcoin and cryptocurrency sector. As Brexit uncertainty looms over London-based firms, Dublin has positioned itself as a likely alternative for European operations.
Martin Shanahan, CEO of IDA Ireland, said:
“Dublin is a talent hotspot for companies like Coinbase as they scale and internationalize critical businesses operations. We look forward to welcoming Coinbase into the Irish economy, and helping them access our talented pool of young professionals from the technology and financial services sectors.”
Coinbase is the world’s leading platform that allows merchants, consumers, and traders to transact with digital currency. Launched in 2012 in San Francisco, the company has offices in Chicago, New York, Portland, Tokyo, London and now Dublin. Coinbase became available to European customers in 2014 and is currently used in 33 countries. On its consumer app, Coinbase supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin.
Recently, Coinbase opened a new office in New York to cater primarily to institutional clients. Moreover, the company has revealed its plans to expand to the Japanese market and is currently seeking a legal approval for its services from Japanese authorities.
After announcing some changes in its listing policy, Coinbase introduced three new products. Furthermore, the exchange rolled out Child Pays for Parent (CPFP), the solution created with the aim to improve the reliability of Bitcoin transactions for customers.